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Las Vegas Sands turnover

sheldon adelsonAccording to the latest estimates this number should exceed $ 13 billion by 2014. Sheldon Adelson, who owns the Las Vegas Sands group has built a global empire by investing in a Hotel-Casino in Nevada as well as being the owner of the Venetian Macau and other casinos on the Las Vegas Strip.

The Macau casino industry

By building his gaming establishment in Singapore, his flair has paid off. Indeed, Singapore is now the second largest market in Asia, just behind Macau for the casino industry. Macau is now four times more important than Las Vegas which ruled unchallenged for decades as the international casino capital of the world.

Accusations against Las Vegas Sands

Despite all these encouraging signs, the Las Vegas Sands Group risks to see it all go up in smoke, according to charges against it. Indeed, the former Managing Director of the Macao division, Steven Jacobs, has attacked Las Vegas Sands for wrongful dismissal. These charges have resulted in a thorough investigation taking place.

Thus, the SEC, the Justice Department and the Control Office of the Nevada gaming industry have mission to check if the setting-up of the company in Macau was made thanks to corruption and bribery granted to certain officials. Steven Jacobs declares that such illegal practices by the Group and the fact that he did not want to comply led to his dismissal.

Las Vegas Sands Group confident

The Las Vegas Sands Group remains confident faced with these accusations that they regard as no more than a disgruntled former employee. Sheldon Adelson intends to demonstrate perfect transparency within his group and wishes to cooperate with the authorities. However, this case is likely to have side effects such as a decline in share prices. If the charges prove to be correct, the consequences could be very bad for the group with heavy fines and game prohibitions that could paralyze Las Vegas Sands.